7 reasons why Bitcoin mining is a terrible business idea
Bitcoin may be the hardest money known to man, but Bitcoin mining is plagued by 7 big structural problems sending smaller firms to the wall.
Bitcoin miners make an invaluable contribution to the security of the hardest money known to man, but its a risky and challenging way to make a buck.
Between 5,000 and 10,000 Bitcoin miners operate across the world, ranging from solo miners to massive corporations. It takes an average of 12 years for a solo miner to find a block meaning they do it for love and the lottery-like chance of striking big.
Some organizations operate hundreds of thousands of Antminers.
To earn a living wage from Bitcoin mining, youll need to operate between 200 and 1,000 machines depending on your electricity costs, according to analyst General Kenobi from Demand Pool. The worlds largest miner, Marathon Digital, operates 385,000 machines and has a hashrate of 57 exahash per second.